Retail trading platform Robinhood Markets Inc. announced its Q1 earnings on Wednesday, marking its second consecutive quarter of profit. The gains were primarily fueled by higher interest rates and robust cryptocurrency trading activity.
The company’s total net revenue saw a 40% increase year-over-year, reaching $618 million. Transaction-based revenues climbed 59% to $329 million. This rise was largely attributed to a 232% surge in cryptocurrency revenue totaling $126 million, a 16% increase in options revenue to $154 million, and a 44% growth in equities revenue which amounted to $39 million.
Furthermore, Robinhood’s Assets Under Custody (AUC) grew by 65% from the previous year to $129.6 billion. This increase was driven by higher valuations in equity and cryptocurrency, alongside continued net deposits. Crypto Notional Trading Volumes also escalated, showing a 224% year-over-year increase to $36.0 billion.
Robinhood Markets’ chief financial officer, Jason Warnick, told Bloomberg:
We delivered significant revenue growth and margin expansion. We set records for quarterly revenues, net income, and earnings per share, even as we stepped up our marketing and growth investments.
Earlier in the week, Robinhood disclosed that it had received a Wells notice from the SEC. This notice indicates that the regulator plans to initiate an enforcement action against the firm regarding its crypto operations. The SEC, under Chair Gary Gensler, maintains that most tokens are securities, hence platforms offering them should register with the agency.
Expressing disappointment over the SEC’s stance, Robinhood emphasized its belief that the assets listed on its platform do not qualify as securities. CEO Vlad Tenev stated: “While we strive to maintain positive and productive relationships with our regulators, if necessary we will use our resources to contest this matter in the courts, with the intent of both defending our crypto business and establishing regulatory clarity in the United States for the benefit of our customers.”
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